The Federal Executive Council (FEC) has approved N47.96 trillion budget proposals for 2025 with President Bola Tinubu ordering some amendments after its presentation to the Council by the Budget Office.

Briefing State House correspondents after the FEC meeting at the Presidential Villa, Abuja, Sen. Abubakar Bagudu, Budget and Economic Planning Minister, said that the proposal premised on a benchmark oil price of 75 dollar per barrel, oil production of 2.06 billion barrels per day and exchange rate of N1,400 to the dollar, would soon be presented to the National Assembly.

The Minister said that the budget was designed to build on the advances in macroeconomics stability, security gains, infrastructure gains, human capital development effort and creative industries and manufacturing.

On his part, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said the N13 trillion deficit in the N48 trillion 2025 budget would be financed through borrowing.

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